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Pacific Sunwear same-store sales drop in Q1

May '08
Pacific Sunwear of California Inc announced that total sales from continuing operations for the first quarter (13 weeks) of fiscal 2008 ended May 3, 2008, were $266.9 million versus total sales of $268.1 million from continuing operations for the first quarter (13 weeks) of fiscal 2007 ended May 5, 2007. Total Company same-store sales decreased one percent during the period.

The Company recorded a net loss from continuing operations of $12.0 million, or $0.17 per diluted share, for the first quarter of fiscal 2008 compared to a net loss of $0.3 million, or less than one cent per diluted share, for the first quarter of fiscal 2007.

First quarter results for each period exclude the income statement impact of demo and One Thousand Steps due to their being designated as discontinued operations during the first quarter of fiscal 2008 and the fourth quarter of fiscal 2007, respectively.

First quarter results for fiscal 2008 include an after-tax asset impairment charge of $4.9 million, or $0.07 per diluted share, associated with the Company's materials handling equipment in its closed Anaheim distribution center. Assuming all contingencies to closing are satisfied, the Company currently expects the previously announced sale of its Anaheim distribution center to be completed by the end of fiscal 2008.

"Although our first quarter was disappointing, we successfully accomplished four meaningful initiatives that position us well going forward. We completed the liquidation of our demo business; consolidated distribution activities to into our Olathe, Kansas Distribution Center; entered into an agreement to sell our Anaheim Distribution Center, and transitioned sneakers and fashion footwear from our PacSun stores," commented Sally Frame Kasaks, Chief Executive Officer.

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